Office Medical
McLaren Caro Region Medical
1796-1800 W Caro Rd, Caro, MI 48723
Listing Price: $8,854,000
Investment Overview
Marcus & Millichap is pleased to offer for sale McLaren Caro Region Medical. The medical clinic opened in 2022 and is located at 1796-1800 W. Caro Road (M-81) in Indianfields Township, just south of Caro, Michigan in the Bay/Thumb region. The two buildings have a combined gross leasable area of approximately 41,938 square-feet. The main building is occupied by McLaren Health, three medical specialists, and a pharmacy in addition to a general contractors office and wound care clinic located on the second floor. The 6,592 square-foot out-building is occupied by Renue Physical Therapy (a McLaren subsidiary) and TM Chiropractic. Together, McLaren and Renue Physical Therapy comprise 57.62 percent of the total GLA. All leases are triple-net, with most containing two to four percent annual rent increases.
The property is located two miles south of McLaren Caro Hospital, a 25-bed critical access hospital. Also two miles away, is a newly opened $85 million, 130,000 square-foot state psychiatric hospital (100 beds). There is national retail within the area including Walmart, Tractor Supply Company, Aldi, Marshalls, Ollie's Bargain Outlet, O'Reilly Auto Parts, and others.
McLaren Caro Region Medical
Investment Highlights
- Newly Opened 42,000 Square-Foot Regional Medical Center - Six Specialties & Pharmacy with Drive-Thru | Certificate of Need (CON) for Imaging
- 100 Percent Occupied by Eight Tenants Operating on Triple-Net Lease Terms - Most Containing Three Percent Annual Rent Increases
- Weighted Average Lease Term (WALT) of Over Nine Years
- Anchored by McLaren Bay Region - 45.7% GLA - Subsidiary of McLaren Health Care: 13 Hospitals in Michigan ($6.6B Revenue)
- Other Tenants: Putman Family Medicine, Renue Physical Therapy, Ally Pharmacy, First State Home Healthcare, TM Chiropractic, Caro Wound Care
- Two Miles from McLaren Caro Hospital (25 Beds)
- Two Miles from Newly Opened $85 Million - 130,000 Square-Foot State Psychiatric Hospital (100 Beds)
- Caro, Michigan: County Seat of Tuscola (Pop. 53,000) - 60 Miles North of Metro Detroit & 30 Miles East of Saginaw & Bay City, MI
Exclusively Listed By
Listing Price: $8,854,000
Investment Highlights
- Newly Opened 42,000 Square-Foot Regional Medical Center - Six Specialties & Pharmacy with Drive-Thru | Certificate of Need (CON) for Imaging
- 100 Percent Occupied by Eight Tenants Operating on Triple-Net Lease Terms - Most Containing Three Percent Annual Rent Increases
- Weighted Average Lease Term (WALT) of Over Nine Years
- Anchored by McLaren Bay Region - 45.7% GLA - Subsidiary of McLaren Health Care: 13 Hospitals in Michigan ($6.6B Revenue)
- Other Tenants: Putman Family Medicine, Renue Physical Therapy, Ally Pharmacy, First State Home Healthcare, TM Chiropractic, Caro Wound Care
- Two Miles from McLaren Caro Hospital (25 Beds)
- Two Miles from Newly Opened $85 Million - 130,000 Square-Foot State Psychiatric Hospital (100 Beds)
- Caro, Michigan: County Seat of Tuscola (Pop. 53,000) - 60 Miles North of Metro Detroit & 30 Miles East of Saginaw & Bay City, MI
Investment Overview
Marcus & Millichap is pleased to offer for sale McLaren Caro Region Medical. The medical clinic opened in 2022 and is located at 1796-1800 W. Caro Road (M-81) in Indianfields Township, just south of Caro, Michigan in the Bay/Thumb region. The two buildings have a combined gross leasable area of approximately 41,938 square-feet. The main building is occupied by McLaren Health, three medical specialists, and a pharmacy in addition to a general contractors office and wound care clinic located on the second floor. The 6,592 square-foot out-building is occupied by Renue Physical Therapy (a McLaren subsidiary) and TM Chiropractic. Together, McLaren and Renue Physical Therapy comprise 57.62 percent of the total GLA. All leases are triple-net, with most containing two to four percent annual rent increases. The property is located two miles south of McLaren Caro Hospital, a 25-bed critical access hospital. Also two miles away, is a newly opened $85 million, 130,000 square-foot state psychiatric hospital (100 beds). There is national retail within the area including Walmart, Tractor Supply Company, Aldi, Marshalls, Ollie's Bargain Outlet, O'Reilly Auto Parts, and others.
Exclusively Listed By
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